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Banks buoy stocks to third day of gains

The benchmark of the Athens bourse chalked up its third day of gains on Wednesday, taking its total growth registered since Monday morning to 4.71 percent, as international reports continue to praise local banks, sending their stocks higher. Curiously, the foreign portfolios now buying into Greek lenders are the very same that last week inflicted losses on bank stocks and the benchmark.

As privatizations remain stagnant and corporate moves few and far between – OTE’s offer for Forthnet’s Nova being the exception – the focus of international investors is predictably returning to the banking sector, which in turn is swaying the local bourse accordingly.